Oriental Infra Trust के अकाउंट के लिये नोट

Mar 31, 2025

(ii) The Trust is in the process to file its Offer Documents with Securities & Exchange Board of India ('SEBI') in connection with the proposed public offer of its units subsequent to the approval of these Standalone Financial Statements.

As per Ind AS 32 - Financial Instruments: Presentation, the cost of the proposed public offer of the units involves issuing new units, stock market listing and offer for sale, is accounted in the standalone financial statement as follows:

-    Incremental costs that are directly attributable to issuing of new units is classified under prepaid expenses and will be transferred to other equity upon the issuance of units;

-    Costs that relate to other units (i.e. offer for sale), or are otherwise not incremental and not directly attributable to issuing new units, is recorded as an expense in standalone statement of profit and loss.

The issue related expenses include, among others, legal and professional fees and all other incidental and miscellaneous expenses for listing the units on the Stock Exchange. The issue related expenses amount to ^ 56.66 millions incurred till 31 March 2025, are currently classified under other current assets (prepaid expenses) amounting to ^ 34.00 millions and under standalone statement of profit and loss amounting to ^ 22.66 millions.

(i)    Terms/rights attached to unit capital:

Subject to the provisions of the the SEBI Regulations, the indenture of fund, and applicable rules, regulations and guidelines, the rights of the unit holders include:

a)    the beneficial interest of each unitholder shall be equal and limited to the proportion of the numbers of the units held by that unit holder to the total number of the units.

b)    right to receive income or distributions with respect to the units held.

c)    right to attend the annual general meeting and other meetings of the unit holders of the fund.

d)    right to vote upon any matters/resolutions proposed in relation to the fund.

e)    right to receive periodic information having a bearing on the operation or performance of the Fund in accordance with the SEBI Regulations; and

f)    right to apply to the Fund to take up certain issues at meetings for unit holders approval.

g)    right to receive additional information, if any, in accordance with InvIT documents filed with Placement Memorandum dated 12 June 2019.

In accordance with the SEBI Regulations, no unit holders shall enjoy superior voting or any other rights over any other unit holders, and there shall not be multiple classes of units. There shall be only one denomination of units. Not withstanding the above, subordinate units may be issued only to the Sponsor and its Associates, where such subordinate units shall carry only inferior voting or any other rights compared to the other units.

Under the provisions of the SEBI Regulations, not less than ninety percent of the net distributable cash flows of the Trust is required to be distributed to the unitholders, and in accordance with such statutory obligation the Trust has formulated a distribution policy to declare and distribute 100% of distributable cash flows to its unitholders once every quarter of a financial year. The distributions made by Trust to its unit holders are based on the Net Distributable Cash Flows of the Trust under the SEBI Regulations and represent repayment of proportionate capital and share of profit.

Limitation to the Liability of the unit holders

The liability of each unit holders towards the payment of any amount (that may arise in relation to the fund including any taxes, duties, fines, levies, liabilities, costs or expenses) shall be limited only to the extent of the capital contribution of such unit holders and after such capital contribution shall have been paid in full by the unit holders, the unit holders shall not be obligated to make any further payments. The unit holders shall not have any personal liability or obligation with respect to the fund.

A. Repayment terms As at 31 March 2025:

Term loan from banks and financial institutions of ^ 42,906.91 millions which carries weighted average interest rate of @ 8.26% p.a with structured quarterly repayment schedule and final repayment date of 31 March 2040

^ 3,282.02 millions of loans repayable in 70 quarterly installments starting from 31 December 2022 and to be settled by 31 March 2040. Rate of interest as at 31 March 2025 is linked to benchmark rate+ spread of 0.52%. The benchmark rate shall be linked to 1 year SBI MCLR and shall be reset one year from the date of disbursement of loan. The rate of interest as at 31 March 2025 is 8.35% p.a.

^ 4,006.04 millions of loans repayable in 69 quarterly installments starting from 31 March 2023 and to be settled by 31 March 2040 . Rate of interest as at 31 March 2025 is linked to IIFCL base rate (applicable interest rate)+spread and shall be reset one year from the date of disbursement. The rate of interest as at 31 March 2025 is 8.35% p.a.

^ 7,987.32 millions of loans repayable in 70 quarterly instalments starting from 31 December 2022 and to be settled by 31 March 2040. Rate of interest as at 31 March 2025 shall be fixed for three years from the date of disbursement of loan and shall be then reset after three years basis the prevailing t-bill rate + spread of 2.07% or higher and will be reset every three years from then. The rate of interest as at 31 March 2025 is 8.10% p.a.

^ 7,791.43 millions of loans repayable in 69 quarterly instalments starting from 31 March 2023 and to be settled by 31 March 2040. Rate of interest as at 31 March 2025 shall be linked to T-bill rate (Applicable benchmark) +spread , the applicable benchmark rate shall be reset after every three months and spread shall be reset after every one year. The rate of interest as at 31 March 2025 is 7.58% p.a.

^ 14,169.91 millions of loans repayable in 69 quarterly instalments starting from 31 March 2023 and to be settled by 31 March 2040. Rate of interest as at 31 March 2025 shall be linked to T-bill rate (applicable benchmark) + spread the applicable benchmark rate shall be reset after every three months and spread shall be reset after every one year. The rate of interest as at 31 March 2025 is 8.30% p.a.

^ 1,421.25 millions of loans repayable in 70 quarterly installments starting from 31 December 2022 and to be settled by 31 March 2040. Rate of interest as at 31 March 2025 is linked to 1 year SBI MCLR (Applicable benchmark)+ spread of 0.52%. The Applicable benchmark rate shall be reset one year from the date of disbursement of loan. The rate of interest as at 31 March 2025 is 8.90% p.a.

^ 2,830.90 millions of loans repayable in 69 quarterly installments starting from 31 March 2023 and to be settled by 31 March 2040. Rate of interest as at 31 March 2025 is linked to 3M T-bill rate (applicable benchmark)+ spread p.a. and the applicable benchmark shall be reset quarterly. The rate of interest as at 31 March 2025 is 8.75% p.a.

^ 1,418.04 millions of loans repayable in 69 quarterly installments starting from 31 March 2023 and to be settled by 31 March 2040. Rate of interest as at 31 March 2025 is linked to 1 year NaBFID NRL rate (applicable benchmark rate) + spread. The applicable benchmark shall be reset annually and spread shall remain fixed. The rate of interest as at 31 March 2025 is 8.40% p.a.

As at 31 March 2024:

Term loan from banks and financial institutions of ^ 44,237.53 millions which carries weighted average interest rate of @ 8.26% p.a with structured quarterly repayment schedule and final repayment date of 31 March 2040

^ 3,400.60 millions of loans repayable in 70 quarterly installments starting from 31 December 2022 and to be settled by 31 March 2040. Rate of interest as at 31 March 2024 is linked to benchmark rate+ spread of 0.52%. The benchmark rate shall be linked to 1 year SBI MCLR and shall be reset one year from the date of disbursement of loan. The rate of interest as at 31 March 2024 is 8.47%. p.a

^ 4,110.47 millions of loans repayable in 69 quarterly installments starting from 31 March 2023 and to be settled by 31 March 2040 . Rate of interest as at 31 March 2024 is linked to IIFCL base rate ( applicable interest rate)+spread and shall be reset one year from the date of disbursement. The rate of interest as at 31 March 2024 is 8.30% p.a.

^ 8,277.23 millions of loans repayable in 70 quarterly instalments starting from 31 December 2022 and to be settled by 31 March 2040. Rate of interest as at 31 March 2024 shall be fixed for three years from the date of disbursement of loan and shall be then reset after three years basis the prevailing t-bill rate + spread of 2.07% or higher and will be reset every three years from then. The rate of interest as at 31 March 2024 is 8.10%. p.a.

^ 8,040.25 millions of loans repayable in 69 quarterly instalments starting from 31 March 2023 and to be settled by 31 March 2040. Rate of interest as at 31 March 2024 shall be linked to T-bill rate (Applicable benchmark) +spread , the applicable benchmark rate shall be reset after every three months and spread shall be reset after every one year. The rate of interest as at 31 March 2024 is 8.13%. p.a.

^ 14,576.66 millions of loans repayable in 69 quarterly instalments starting from 31 March 2023 and to be settled by 31 March 2040. Rate of interest as at 31 March 2024 shall be linked to T-bill rate (applicable benchmark) + spread the applicable benchmark rate shall be reset after every three months and spread shall be reset after every one year. The rate of interest as at 31 March 2024 is 8.30%. p.a.

^ 1,473.75 millions of loans repayable in 70 quarterly installments starting from 31 December 2022 and to be settled by 31 March 2040. Rate of interest as at 31 March 2024 is linked to 1 year SBI MCLR (Applicable benchmark)+ spread of 0.52%. The Applicable benchmark rate shall be reset one year from the date of disbursement of loan. The rate of interest as at 31 March 2024 is 8.47%. p.a.

^ 2,903.74 millions of loans repayable in 69 quarterly installments starting from 31 March 2023 and to be settled by 31 March 2040. Rate of interest as at 31 March 2024 is linked to 3M T-bill rate (applicable benchmark)+ spread p.a and the applicable benchmark shall be reset quarterly. The rate of interest as at 31 March 2024 is 8.40%. p.a.

^ 1,454.83 millions of loans repayable in 69 quarterly installments starting from 31 March 2023 and to be settled by 31 March 2040. Rate of interest as at 31 March 2024 is linked to 1 year NaBFID NRL rate (applicable benchmark rate) + spread . The applicable benchmark shall be reset annually and spread shall remain fixed. The rate of interest as at 31 March 2024 is 8.35%. p.a.

B. Security clause

a)    first ranking pari passu mortgage on the entire immovable properties (both leasehold and freehold) of the Borrower, both present and future;

b)    first ranking pari passu charge or mortgage on the entire movable properties of the Borrower, both present and future, including movable plant and machinery, machinery spares, tools and accessories, furniture, fixtures, equipment, vehicles and all other movable properties;

c)    first ranking pari passu charge or mortgage on the entire intangible assets of the Borrower, including but not limited to, patents, trademarks and other Intellectual Property rights, goodwill and uncalled capital, both present and future;

d)    first ranking pari passu charge or mortgage on the entire cash, cash flows, receivables, inventories, contract rights, securities, book debts, real estate and/or leasehold interests, and revenues of the Borrower (including Termination Payments received by the Borrower but excluding any Permitted Claim Amounts) of whatsoever nature and wherever arising, both present and future;

e)    first ranking pari passu charge or mortgage on the Accounts under the Trust and Retention Account Agreement, including the Debt Service Reserve Account and any other reserves and other bank accounts of the Borrower wherever maintained;

f)    first ranking pari passu assignment of and charge over all rights, receivables, title, interests benefit, claims and demands whatsoever of the Borrower in any Financial Debt extended by the Borrower to any Project Entity (other than the Project Entity Loans);

g)    first ranking pari passu assignment of and charge over all rights, receivables, title, interests benefit, claims and demands whatsoever of the Borrower in the Project Entity Loans;

h)    first ranking pari passu assignment of all rights, receivables, title, interest, benefit, claims and demands whatsoever of the Borrower, in, the Investment Management Agreement and the Sale and Transfer Agreement(s) other than with respect to Permitted Claim Amounts;

i)    first ranking pari passu pledge over the shares, other securities (and any rights in connection therewith) representing fifty one percent (51%) (or such other percentage as required under the Senior Loan Agreements) of the issued and paid up share capital of the Project Entities (other than the Nagpur Betul Project Entity and the Indore Khalghat Project Entity) and non-disposal undertaking(s) to be executed by the Borrower in favour of the Senior Loan Security Trustee in respect of non-disposal of forty nine percent (49%) (or such other percentage as required under the Senior Loan Agreements) of the issued and paid up share capital of the Project Entities, on a fully diluted basis, subject to the provisions of the BR Act and Concession Agreement;

j)    first ranking pledge pari passu with the Indore Khalghat Debenture Holders, over the shares, other securities (and any rights in connection therewith) representing fifty one percent (51%) (or such other percentage as required under the Senior Loan Agreements) of the issued and paid up share capital of the Indore Khalghat Project Entity and non-disposal undertaking(s) to be executed by the Borrower in favour of the Senior Loan Security Trustee in respect of non-disposal of forty nine percent (49%) (or such other percentage as required under the Senior Loan Agreements) of the issued and paid up share capital of the Indore Khalghat Project Entity, on a fully diluted basis, subject to the provisions of the The Banking Regulation Act, 1949 (BR Act);

k) first ranking pari passu assignment by way of security over all the rights, title, interest, benefits, claims and demands of the Borrower in (1) all Insurance Proceeds in respect of the Insurance Policies of the Borrower; and (2) subject to Applicable Law, all Authorizations of or in respect of the Borrower; and

l) joint and several guarantee by the Project Entities (other than Nagpur Betul Project Entity), subject to receipt of all required Authorizations from the relevant Authorities (including the RBI and NHAI, if applicable).

As per Ind AS 36 'Impairment of assets', management carried out the impairment assessment of non current investments and loan given to subsidiaries and provided for impairment loss during the year ended 31 March 2025 of ^ 2,722.50 millions (for the year ended 31 March 2024: ^ 4,557.64 millions) basis the fair valuation conducted as per the future projected cash flows of the assets (after performing sensitivity analysis). Further, reversal of impairment loss during the year ended 31 March 2025 of ^ 365.27 millions (for the year ended 31 March 2024: ^ 312.39 millions) also recognised basis the fair valuation conducted as per the future projected cash flows of the assets (after performing sensitivity analysis). The recoverable value is determined through value in use method in respect of investment in subsidiary. Refer table below for discount rate used for determining the recoverable value for year ended 31 March 2025 and for year ended 31 March 2024.

Basic EPU amounts are calculated by dividing the profit for the year attributable to unit holders by the weighted average number of units outstanding during the year. Diluted EPU amounts are calculated by dividing the profit attributable to unit holders by the weighted average number of units outstanding during the year plus the weighted average number of units that would be issued on conversion of all the dilutive potential units into unit capital.

30    Capital and other commitments

Commitments as at 31 March 2025 is ^ Nil (31 March 2024: ^ Nil).

31    Contingent liabilities and claims

Contingent liabilities as at 31 March 2025 is ^ Nil (31 March 2024: ^ Nil).

Valuation process and technique used to determine fair value

*The fair values of the Trust's Investments are determined by applying discounted cash flows ('DCF') method, using discount rate that reflects the issuer's borrowing rate as at the end of the reporting period. The own non-performance risk as at the reporting period end was assessed to be insignificant.

The Trust's risk management is carried out by a project finance team and treasury team under policies approved by Board of Directors of Investment manager of trust. The Board of Directors of Investment manager provides principles for overall risk management, as well as policies covering specific areas, such as interest rate risk, credit risk and investment of excess liquidity.

A) Credit risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the Trust. The Trust is exposed to this risk for various financial instruments, for example by granting loans and making deposits, etc. The Trust's maximum exposure to credit risk is limited to the carrying amount of following types of financial assets:

-    cash and cash equivalents,

-    loans and receivables carried at amortised cost.

a) Credit risk management

The Trust assesses and manages credit risk based on internal credit rating system, continuously monitoring defaults of counterparties, identified either individually or by the Trust, and incorporates this information into its credit risk controls. Internal credit rating is performed for each class of financial instruments with different characteristics. The Trust assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the class of financial assets.

(i)    Low credit risk

(ii)    Moderate credit risk

(iii)    High credit risk

Cash and cash equivalents and bank balances other than cash and cash equivalents

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks and diversifying bank deposits and accounts in different banks.

Loans and non-current investments measured at amortised cost

Loans measured at amortised cost loans given to subsidiaries. Credit risk related to these financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system in place ensure the amounts are within defined limits. b) Expected credit losses

Financial assets (other than trade receivables)

The Trust provides for expected credit losses on loans and advances by assessing individual financial instruments for expectation of any credit losses.

-    For cash and cash equivalents- Since the Trust deals with only high-rated banks and financial institutions, credit risk in respect of cash and cash equivalents, other bank balances and bank deposits is evaluated as very low.

-    For loans - Credit risk is evaluated based on the Trust's knowledge of the credit worthiness of those parties and loss allowance is measured. Since, this category includes loans which has been given to its subsidiary companies, credit risk in respect of these loans is evaluated as high.

B) Liquidity risk

Liquidity risk is the risk that the Trust may encounter difficulty in meeting its present and future obligations associated with financial liabilities that are required to be settled by delivering cash or another financial asset. The Trust's objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral obligations. The Trust requires funds both for short-term operational needs as well as for long-term investment programs mainly in growth projects. The Trust closely monitors its liquidity position and deploys a robust cash management system. It aims to minimize these risks by generating sufficient cash flows from its current operations, which in addition to the available cash and cash equivalents, liquid investments and sufficient committed fund facilities, will provide liquidity.

a) Financing arrangements

The Trust has access to no undrawn borrowing facilities at the end of the 31 March 2025 and as at 31 March 2024.

C)    Price risk i) Exposure

The Trust is not exposed to price risk as at balance sheet date.

D)    Interest rate risk i) Liabilities

The Trust's policy is to minimize interest rate cash flow risk exposures on long-term financing. At the reporting period end, the Trust is exposed to changes in market interest rates through bank borrowings at variable interest rates. The Trust's investments in fixed deposits pay fixed interest rates.

ii) Assets

The Trust's fixed deposits are carried at amortised cost and are fixed rate deposits. They are therefore not subject to interest rate risk as defined in Ind AS 107 'Financial Instruments Disclosures', since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

34 Capital management

For the purpose of the Trust's capital management, capital includes issued unit capital and all other equity reserves attributable to the unit holders of the Trust. The primary objective of the Trust's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value.

The Trust manages its capital structure and makes adjustments to it in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Trust may return capital to shareholders or issue new shares. The Trust monitors capital using a gearing ratio, which is net debt divided by total equity. The Trust's policy is to keep the gearing ratio optimum. The Trust includes within its net debt, borrowings less cash and cash equivalents.

35 Statement of Related PartiesA List of related parties as per the requirements of Ind AS 24 - "Related Party Disclosures" and SEBI Regulations Subsidiaries

Oriental Nagpur Betul Highway Limited ('ONBHL')

Oriental Nagpur Byepass Construction Private Limited ('ONBCPL')

Etawah Chakeri (Kanpur) Highway Private Limited ('ECKHPL')

OSE Hungund Hospet Highways Private Limited ('OHHHPL')

Oriental Pathways (Indore) Private Limited ('OPIPL')

Biaora To Dewas Highways Private Limited ('BDHPL')

Key Managerial Personnel ('KMP') as per Ind AS 24- "Related party Disclosures"

Refer note B (III) (iv) for details of KMP of OIT Infrastructure Management Limited, who is acting as an investment manager on behalf of the trust

B List of additional related parties as per Regulation 2(1)(zv) of the SEBI Regulations I. Parties to Oriental InfraTrust Sponsor group

Oriental Structural Engineers Private Limited ('OSEPL') - Sponsor I and Project Manager of Oriental InfraTrust

Oriental Tollways Private Limited ('OTPL') - Sponsor II of Oriental InfraTrust

OIT Infrastructure Management Limited - Investment Manager ('IM') of Oriental InfraTrust

Axis Trustee Services Limited ('ATSL') - Trustee of Oriental InfraTrust

E. Details in respect of related party transactions involving acquisition of InvIT assets as required by Para 4.6.6 of chapter 4 of SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2024/44 dated 15 May 2024 as amended including any guidelines and circulars issued thereunder on standalone financial statements of the Trust for the year ended 31 March 2025.

There are no related party acquisitions during the year ended 31 March 2025 and year ended 31 March 2024.

36 Information on segment reporting pursuant to Ind AS 108 - Operating Segments

The Trust's activities comprise of owning and investing in Infrastructure SPVs to generate cash flows for distribution to unitholders. Based on the guiding principles given in Ind AS - 108 "Operating Segments", this activity falls within a single operating segment and accordingly the disclosures of Ind AS -108 have not separately been given. The Trust is operating in India which is considered as a single geographical segment.

39    Distribution:

Related to FY 2023-2024:

The Board of Directors of Investment Manager have declared distribution of ^ 3.80 (rounded off) per unit amounting to ^2,212.84 millions in their meeting held on 07 May 2024 and the aforesaid distribution was paid to the eligible unitholders on 13 May 2024.

Related to FY 2024-25

During the year the Board of Directors of Investment Manager have declared distribution of ^ 0.94 (rounded off) per unit amounting to ^ 545.88 millions in their meeting held on 07 May 2024 which was paid to the eligible unitholders on 13 May 2024 and ^ 2.61 (rounded off) per unit amounting to ^ 1,523.17 millions declared in their meeting held on 07 August 2024 which was paid to eligible unitholders on 13 August 2024 and ^ 3.44 (rounded off) per unit amounting to ^ 2,003.81 millions and ^ 0.89 (rounded off) per unit amounting to ^ 519.00 millions declared in their meeting held on 12 November 2024 which was paid to eligible unitholders on 19 November 2024 and ^ 2.62 (rounded off) per unit amounting to ^ 1,528.80 millions in their meeting held on 13 February 2025 which was paid to eligible unitholders on 19 February 2025. Further, subsequent to the year ended 31 March 2025, the Board of Directors of Investment Manager have declared distribution of ^ 2.98 (rounded off) per unit amounting to ^ 1,738.78 millions in their meeting held on 27 May 2025.

Related to FY 2025-26

Subsequent to the year ended 31 March 2025, the Board of Directors of Investment Manager have declared distribution of ^0.67 (rounded off) per unit amounting to ^ 388.84 millions in their meeting held on 27 May 2025.

40    Investment manager fees

Pursuant to the Investment Management Agreement dated 18 June 2018 as amended, Investment Manager is entitled to fees

@ 0.75% of the net revenue of each SPV, per annum. Standalone Statement of Profit and Loss for the year ended 31 March 2025 includes amount of ^ 196.20 millions (year ended 31 March 2024 : ^ 187.11 millions) towards Investment Manager Fees. There are no changes during the year in the methodology for computation of fees paid to Investment Manager.

41    During the previous financial years, Securities Exchange Board of India (""SEBI""), as per Regulation 27 of Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 (as amended) has conducted inspections (physical and thematic inspection) relating to the activities of Oriental InfraTrust (""Trust"") and have provided their observations to the Investment Manager of the Trust. The Investment Manager of the Trust has already provided the action taken report to SEBI on the observations received from SEBI within the prescribed timelines, the details of which have already been disclosed in the previous financial statements/information of Oriental InfraTrust.

Further, during the year ended 31 March 2025, the Investment Manager of the Trust have received observations from SEBI vide letter dated 25 November 2024 pursuant to thematic inspection with respect to the valuation reports disclosed by trust for the financial year ended 31 March 2020 to financial year ended 31 March 2024 on which the Investment Manager of the Trust responded to the SEBI within the specified timelines. Further, SEBI has issued its observations vide letter dated 06 February 2025 requiring the Investment Manager of the Trust to submit an action taken report on the observations shared by SEBI and place the findings of the inspection, corrective actions to be taken by Investment Manager of the Trust before the Board of Directors for their comments and satisfaction. In this regard, the SEBI have granted extension to the Investment Manager of the Trust on 26 March 2025 for the period of 15 days for submitting the said action taken report. The Investment Manager of the Trust has submitted an action taken report within the prescribed timeline on 10 April 2025 with SEBI.

Further, SEBI has issued its observations vide letter dated 28 February 2025, based on the submission made by the internal auditors with respect to the compliance with the SEBI Regulations and Circulars pertaining to Infrastructure Investment Trust (""InvIT""), requiring the Investment Manager of the Trust to submit their comments along with the relevant supporting records. The Investment Manager of the Trust responded to the SEBI observations vide letter dated 22 March 2025. In furtherance to the response submitted by Investment Manager vide letter dated 22 March 2025, SEBI has issued an letter dated 28 March 2025, requiring the Investment Manager of the Trust to submit an action taken report on the observations shared by SEBI and place the findings of the inspection, corrective actions to be taken by Investment Manager of the Trust before the Board of Directors for their comments and satisfaction. The Investment Manager of the Trust has submitted action taken report within the prescribed timeline on 26 April 2025 with SEBI and shall also place the findings of the inspection, corrective actions being taken by Investment Manager of the Trust before the Board of Directors for their comments and satisfaction in the meeting scheduled on 27 May 2025 and accordingly, submitted to SEBI within the timelines specified.

Management basis their internal assessment believes that there will not be any material impact to the Standalone Financial Statement for the year ended 31 March 2025.

42    Other statutory information

(i)    The Trust does not have any Benami property, where any proceeding has been initiated or pending against the Trust for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

(ii)    The Trust have not traded or invested in Cryptocurrency or Virtual Digital Currency during the year ended 31 March 2025.

(iii)    The Trust does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

(iv)    The Trust does not have any transactions with struck-off companies.

(v)    The Trust has not been declared as willful defaulter by any bank or financial institution (as defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on willful defaulter issued by the Reserve Bank of India.

43    Financial information of Investment Manager ('IM'):

Financial information of Investment Manager is not disclosed since the net worth of the IM is not materially eroded as compared to net worth as at 31 March 2024.

44    All values are rounded off to the nearest millions, unless otherwise indicated. Certain amount that are required to be disclosed and do not appear due to rounding off are expressed as 0.00.

45    Previous year figures have been reclassified/regrouped whereever necessary to confirm to current year classification. The impact of the same is not material to the users of the Standalone Financial Statement.